DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Opening balances appearing in Equity account why


#1

I just started and in setting up the Accounts and its Starting Balance…I notice that there is an Account “Opening Balances” in Equity…can someone advice why and how this affect the reporting of accounts. I notice that this amount appears on the Balance sheet?


#2

When entering opening balances, make sure totals of all debits and credits equal. Otherwise the difference will be put to Opening Balance Equity to ensure integrity of double-entry accounting principle.

Also, have a look at http://www.manager.io/guides/settings/start-date